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Press Releases

11/2/2020 - Lufkin Industries Acquires North American Rod Lift Business of Schlumberger N.V.
X
Lufkin Industries Acquires North American Rod Lift Business of Schlumberger N.V.
Source: PR Newswire
Expands Global Platform in Rod Lift Solutions
MISSOURI CITY, Texas, Nov. 2, 2020 /PRNewswire/ -- Lufkin Industries ("Lufkin"), a portfolio company of KPS Capital Partners, LP ("KPS"), announced today that it has completed the acquisition of the North American Land Rod Lift Business (the "Rod Lift Business" or the "Business") of Schlumberger N.V. ("Schlumberger") (NYSE: SLB).
Schlumberger's Rod Lift Business is a large provider of rod lift products and services in North America (onshore) with brands including Don-Nan, Shores Lift Solutions, KBA Engineering, Platinum Pumpjack Services and RLC Rod Lift Consulting.  The Business provides its customers with a full product offering including downhole pumps and accessories, beam pumping units, sucker rods and gas lift products.  The Rod Lift Business has significant manufacturing and distribution capacity and has developed differentiated technology offerings, including the proprietary PumpTrak software.  The Business has an expansive footprint across all major oil-producing regions in North America (onshore), including the Permian Basin where Don-Nan has operated for almost 60 years.
Lufkin became an independent company after being acquired by KPS from Baker Hughes on June 30, 2020.  Lufkin, headquartered in Missouri City, Texas, is a leading global provider of rod lift products, technologies, services and solutions, including automated control and optimization equipment and software for rod lift equipment to the oil and gas industry.  With over 100 years of industry leadership, Lufkin manufactures a complete line of surface pumping units, downhole sucker rod pumps and automation systems in six manufacturing and assembly facilities worldwide.  Lufkin has an extensive global service footprint that operates throughout the oil-producing world.
Michael Psaros, Co-Founder and Co-Managing Partner of KPS, said, "We are excited to combine Lufkin and Schlumberger's Rod Lift Business, which together have an unparalleled reputation for reliability, superior technology, innovation, customer service and global footprint.  KPS Partner Ryan Baker, leveraging KPS' significant capital resources and global platform, is successfully leading a team that is building Lufkin through the acquisition of complementary businesses, technologies and products that serve the upstream sector of the energy business.  KPS is committed to expanding the Lufkin platform despite unprecedented volatility in the energy business, which will benefit customers of Lufkin and Schlumberger's Rod Lift Business."
Andy Cordova, President of Lufkin, said, "The real winner in the combination are the customers of Lufkin and Schlumberger's Rod Lift Business.  Our customers will now have access to the many strengths of both businesses as we combine the very best technology, manufacturing processes and global footprint.  We will remain laser focused on providing world-class quality, delivery and customer service across our platform as we combine these businesses and beyond."
Simmons Energy, a division of Piper Sandler & Co., acted as advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Dentons served as legal counsel to Lufkin and its affiliates.  PPHB LP acted as advisor and Akin Gump Strauss Hauer & Feld LLP served as legal counsel to Schlumberger.
About Schlumberger Rod Lift Business
Schlumberger's Rod Lift Business is a large provider of rod lift products and services in North America (onshore) with brands including Don-Nan, Shores Lift Solutions, KBA Engineering, Platinum Pumpjack Services and RLC Rod Lift Consulting.  The Business provides its customers with a full product offering including downhole pumps and accessories, beam pumping units, sucker rods and gas lift products.  The Rod Lift Business has significant manufacturing and distribution capacity and has developed differentiated technology offerings, including the proprietary PumpTrak software.  The Business has an expansive footprint across all major oil-producing regions in North America (onshore), including the Permian Basin where Don-Nan has operated for almost 60 years.  For more information on Schlumberger's Rod Lift Business, visit www.don-nan.com or www.slb.com/completions/artificial-lift/sucker-rod-pumps.
About Lufkin Industries
Lufkin, headquartered in Missouri City, Texas, is a leading global provider of rod lift products, technologies, services and solutions, including automated control and optimization equipment and software for rod lift equipment to the oil and gas industry.  With over 100 years of industry leadership, Lufkin manufactures a complete line of surface pumping units, downhole sucker rod pumps and automation systems in six manufacturing and assembly facilities worldwide.  Lufkin has an extensive global service footprint that operates throughout the oil-producing world.  For more information on Lufkin, visit www.lufkin.com.
About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $11.5 billion of assets under management (as of June 30, 2020).  For over two decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing.  KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage.  The KPS Funds' portfolio companies currently have aggregate annual revenues of approximately $10.6 billion, operate 168 manufacturing facilities in 27 countries, and have nearly 32,000 employees, directly and through joint ventures worldwide (as of June 30, 2020, pro forma for recent acquisitions).  The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
View original content:http://www.prnewswire.com/news-releases/lufkin-industries-acquires-north-american-rod-lift-business-of-schlumberger-nv-301164421.html
SOURCE Lufkin Industries

Article Date
11/2/2020
Close
4/30/2018 - Houston Mechatronics Raises $20 Million Series B from Energy Firms
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Houston Mechatronics Raises $20 Million Series B from Energy Firms
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, April 30, 2018 /PRNewswire/ -- Houston Mechatronics Inc. (HMI), today announced a Series B investment of $20 million from Transocean (RIG:NYSE) and existing investor Schlumberger (NYSE:SLB), which led HMI's Series A investment in 2015.
"We are extremely pleased to have Transocean and Schlumberger as investors in our company," said HMI President Matt Ondler. "They both bring to us tremendous strategic value."
Much of the new funding will be directed towards the commercialization of HMI's first product, Aquanaut, a subsea service robot that can perform complex tasks over low bandwidth networks, eliminating the need for surface ships.  Beyond Aquanaut, HMI intends to continue developing novel subsea capability and other robotic technology for use in oil and gas applications with an objective to increase reliability, efficiency, capability, and safety.
"Our approach to Aquanaut and other products is uniquely inspired and driven by how we designed and operated robots during spaceflight.  We believe these capabilities have direct applicability to the oil and gas industry, as well as other industries including defense," stated HMI CTO Nic Radford.
About Houston Mechatronics
Houston Mechatronics is a subsea service company with deep expertise in robotics and intelligent automation.  The company is founded by former NASA roboticists responsible for designing and developing some of the most advanced robots in the world.  The company was formed in 2014 and has been actively bringing their technologies to the Oil and Gas industry across a diverse portfolio of robotic projects including subsea robotics, advanced manufacturing, and pipe inspection.
For more information, please contact Sean Halpin at +1 281-942-9069 or shalpin@houstonmechatronics.com
 
View original content:http://www.prnewswire.com/news-releases/houston-mechatronics-raises-20-million-series-b-from-energy-firms-300639009.html
SOURCE Houston Mechatronics Inc.

Article Date
4/30/2018
Close
3/25/2016 - Schlumberger-Cameron Merger Receives Chinese Antitrust Approval
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Schlumberger-Cameron Merger Receives Chinese Antitrust Approval
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, March 25, 2016 /PRNewswire/ -- Schlumberger Limited (NYSE: SLB) and Cameron International Corporation (NYSE: CAM) jointly announced today that Chinese Ministry of Commerce (MOFCOM) has cleared their proposed merger without any conditions.  MOFCOM approval represents the last major closing condition to the proposed merger.  As a result, the parties intend to close their transaction on  April 1, 2016.  
The closing of the proposed merger remains subject to the satisfaction or waiver of the remaining closing conditions contained in the merger agreement. Until that time, the companies will continue to operate as separate and independent entities and continue to serve their respective customers.
About Schlumberger
Schlumberger Limited is the world's leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing more than 95,000 people representing over 140 nationalities and working in more than 85 countries, Schlumberger Limited provides the industry's widest range of products and services from exploration through production. Schlumberger Limited has principal offices in Paris, Houston, London and The Hague, and reported revenues of $35.47 billion in 2015. For more information, visit www.slb.com.
About Cameron 
Cameron is a leading provider of flow equipment products, systems and services to worldwide oil and gas industries.
Cautionary Note Regarding Forward Looking Statements
This communication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Neither Schlumberger nor Cameron can give any assurance that such forward-looking statements will prove correct. These statements are subject to, among other things, satisfaction of the remaining closing conditions to the merger and other risk factors that are discussed in Schlumberger's and Cameron's most recent Annual Reports on Form 10-K and the definitive proxy statement/prospectus referred to below, as well as each company's other filings with the SEC available at the SEC's Internet site (http://www.sec.gov). Actual results may differ materially from those expected, estimated or projected. Forward-looking statements speak only as of the date they are made, and neither Schlumberger nor Cameron undertakes any obligation to publicly update or revise any of them in light of new information, future events or otherwise.
Additional Information
In connection with the proposed transaction, Schlumberger has filed with the SEC a registration statement on Form S-4, including Amendment No. 1 thereto, which was declared effective by the SEC on November 16, 2015, and Cameron has filed the definitive proxy statement/prospectus on November 17, 2015.  This communication is not a substitute for the definitive proxy statement/prospectus, the registration statement or any other document Schlumberger or Cameron may file with the SEC in connection with the proposed transaction.
STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS, THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT HAVE BEEN AND THAT MAY BE FILED WITH THE SEC REGARDING THE PROPOSED TRANSACTION CAREFULLY AND IN THEIR ENTIRETY AS AND WHEN THEY ARE AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. These materials will be made available to stockholders of Cameron at no expense to them. Investors will be able to obtain free copies of these documents and other documents filed with the SEC by Schlumberger and/or Cameron through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Schlumberger are available free of charge on Schlumberger's internet website at http://www.slb.com. Copies of the documents filed with the SEC by Cameron are available free of charge on Cameron's internet website at http://www.c-a-m.com. You may also read and copy any reports, statements and other information filed by Cameron or Schlumberger with the SEC at the SEC public reference room at 100 F Street N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at (800) 732-0330 or visit the SEC's website for further information on its public reference room.
 
SOURCE Cameron International Corporation

Article Date
3/25/2016
Close
2/5/2016 - Schlumberger-Cameron Merger Receives Unconditional Clearance from European Commission
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Schlumberger-Cameron Merger Receives Unconditional Clearance from European Commission
Source: PR Newswire
HOUSTON, Feb. 5, 2016 /PRNewswire/ -- Schlumberger Limited (NYSE: SLB) and Cameron International Corporation (NYSE: CAM) jointly announced today that the European Commission has cleared their proposed merger without any conditions following a Phase 1 review. 
As previously announced, the U.S. Department of Justice cleared the proposed merger in November 2015 without any conditions; Cameron stockholders voted on December 17 to adopt the merger agreement between Schlumberger and Cameron; and antitrust clearances have been obtained in Canada, Brazil, Russia and Mexico.
Under the terms of the merger agreement, Schlumberger and Cameron only await regulatory approval from the Ministry of Commerce of the Peoples' Republic of China.  The Chinese authorities started their 30-day Phase 1 review process on February 4, 2016.
The closing of the proposed merger remains subject to the satisfaction or waiver of the remaining customary closing conditions contained in the merger agreement. Schlumberger and Cameron expect to close the merger in the first quarter of 2016. Until that time, the companies will continue to operate as separate and independent entities and continue to serve their respective customers.
About Schlumberger
Schlumberger is the world's leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing more than 95,000 people representing over 140 nationalities and working in more than 85 countries, Schlumberger provides the industry's widest range of products and services from exploration through production. Schlumberger Limited has principal offices in Paris, Houston, London and The Hague, and reported revenues of $35.47 billion in 2015. For more information, visit www.slb.com.
About Cameron
Cameron is a leading provider of flow equipment products, systems and services to worldwide oil and gas industries.
Cautionary Note Regarding Forward Looking Statements
This communication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The expected timetable for completing the proposed transaction, and other statements regarding Schlumberger's and Cameron's future expectations, beliefs, plans, objectives, assumptions or future events or performance that are not statements of historical fact, are forward-looking statements. Neither Schlumberger nor Cameron can give any assurance that such expectations will prove correct. These statements are subject to, among other things, satisfaction of the closing conditions to the merger and other risk factors that are discussed in Schlumberger's and Cameron's most recent Annual Reports on Form 10-K and the definitive proxy statement/prospectus referred to below, as well as each company's other filings with the SEC available at the SEC's Internet site (http://www.sec.gov). Actual results may differ materially from those expected, estimated or projected. Forward-looking statements speak only as of the date they are made, and neither Schlumberger nor Cameron undertakes any obligation to publicly update or revise any of them in light of new information, future events or otherwise.
Additional Information
In connection with the proposed transaction, Schlumberger has filed with the SEC a registration statement on Form S-4, including Amendment No. 1 thereto, which was declared effective by the SEC on November 16, 2015, and Cameron has filed the definitive proxy statement/prospectus on November 17, 2015.  This communication is not a substitute for the definitive proxy statement/prospectus, the registration statement or any other document Schlumberger or Cameron may file with the SEC in connection with the proposed transaction.
STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS, THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT HAVE BEEN AND THAT MAY BE FILED WITH THE SEC REGARDING THE PROPOSED TRANSACTION CAREFULLY AND IN THEIR ENTIRETY AS AND WHEN THEY ARE AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. These materials will be made available to stockholders of Cameron at no expense to them. Investors will be able to obtain free copies of these documents and other documents filed with the SEC by Schlumberger and/or Cameron through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Schlumberger are available free of charge on Schlumberger's internet website at http://www.slb.com. Copies of the documents filed with the SEC by Cameron are available free of charge on Cameron's internet website at http://www.c-a-m.com. You may also read and copy any reports, statements and other information filed by Cameron or Schlumberger with the SEC at the SEC public reference room at 100 F Street N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at (800) 732-0330 or visit the SEC's website for further information on its public reference room.
 
SOURCE Cameron

Article Date
2/5/2016
Close
1/28/2016 - Cameron Announces Results For Fourth Quarter Of 2015
X
Cameron Announces Results For Fourth Quarter Of 2015
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Jan. 28, 2016 /PRNewswire/ -- Cameron (NYSE: CAM) today reported fully diluted earnings per share, excluding discontinued operations and other costs, of $1.08 for the fourth quarter of 2015, compared to $1.34 for the same period of 2014.
Other costs in the fourth quarter of 2015 amounted to $115 million on a pretax basis, or $0.43 per share, primarily related to asset charges and severance, as detailed in an accompanying table.
On a GAAP basis, the Company's fully diluted earnings per share for the fourth quarter of 2015 were $0.65, as compared to $1.28 for the same period of 2014.
For the full year 2015, the Company reported fully-diluted earnings per share, excluding discontinued operations and other costs, of $4.00, compared to $4.14 for 2014.  On a GAAP basis, the Company's 2015 fully diluted earnings per share were $2.60, as compared to $3.96 for 2014.
Commenting on the Company's performance in the fourth quarter of 2015, President and Chief Executive Officer Scott Rowe, said, "Cameron once again delivered very strong operating results in the face of a continued downturn in the energy markets.  The Company's performance was driven by accelerated progress in the transformation of our cost structure and strong execution.  In particular, the company's Subsea segment reported an operating income margin of 23.1%, more than double that of the fourth quarter of 2014."
Segment Performance
• Subsea - Relative to the fourth quarter of 2014, the segment reported an 85% increase in operating income despite lower revenues, driven in particular by strong execution on several late-stage projects as well as a greater mix of services-related work.  Segment orders increased 27% versus the fourth quarter of 2014 and more than doubled as compared to the third quarter of 2015.  Orders for the year totaled $2.23 billion versus $2.36 billion in 2014.
• Surface -  Revenues, operating income and margin all improved relative to the third quarter of  2015 but were lower than the fourth quarter of 2014 due in large part to the weakness in North American markets.
• Drilling - Operating income margin increased to 21.7% in the fourth quarter of 2015 as compared to 18.5% in the fourth quarter of 2014 due to continued strong execution.  Revenues and operating income declined, reflecting lower project-related backlog as well as a reduction in service activity.
• Valves & Measurement - Revenues, operating income and margin all declined relative to the fourth quarter of 2014, reflecting lower volumes and pricing pressures, particularly in the North American distribution market.
Outlook
Rowe said, "Although declines in energy prices will have a negative impact on our business in 2016, we remain focused on the factors that will drive our fundamental long-term performance:  execution, customer relationships, cost reduction and technology."
Cash Flow from Operations
The Company generated cash from operations of $497 million during the fourth quarter and $708 million for the full-year 2015.  The Company ended the quarter with cash, cash equivalents and short-term investments totaling $2.4 billion.
Agreement to be Acquired by Schlumberger Limited
On August 26, 2015, Schlumberger Limited (NYSE: SLB) and Cameron jointly announced a definitive merger agreement in which the companies will combine in a stock and cash transaction. The agreement was unanimously approved by the boards of directors of both companies and, on December 17, Cameron stockholders overwhelmingly voted to adopt the merger agreement.  The transaction remains subject to regulatory approvals and customary closing conditions, and is expected to close in the first quarter of 2016.
Cameron is a leading provider of flow equipment products, systems and services to worldwide oil and gas industries.
Forward-Looking Statements
In addition to the historical data contained herein, this document includes forward-looking statements regarding the Company's long-term performance and expectations regarding the closing of merger transaction and, if accomplished, the timing thereof, made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and subject to risk factors that are discussed in Cameron's most recent filings on Form 10-Q and 10-K, filed with the SEC, as well as other filings with the SEC available at the SEC's Internet site (http://www.sec.gov). Actual results may differ materially from those expected, estimated or projected and a closing of the merger transaction may not occur or the timing thereof could be different from that currently expected. Forward-looking statements speak only as of the date they are made, and Cameron undertakes no obligation to publicly update or revise any of them in light of new information, future events or otherwise.
 


Cameron Unaudited Consolidated Condensed Results of Operations ($ and shares in millions except per share data)
		Three months ended December 31,								Twelve months ended December 31,
		2015				2014				2015				2014
REVENUES		$	2,079			$	2,804			$	8,782			$	10,381
COSTS AND EXPENSES:
Cost of sales (exclusive of depreciation and amortization shown separately below)		1,403				2,009				6,126				7,464
Selling and administrative expenses		261				316				1,082				1,287
Depreciation and amortization		78				92				342				348
Interest, net		33				31				138				129
Other costs, net		115				11				773				73
Total costs and expenses		1,890				2,459				8,461				9,301
Income from continuing operations before income taxes		189				345				321				1,080
Income tax provision		(40)				(79)				(184)				(258)
Income from continuing operations		149				266				137				822
Income (loss) from discontinued operations, net of income taxes		—				(4)				431				26
Net income		149				262				568				848
Less: Net income attributable to noncontrolling interests		24				8				67				37
Net income attributable to Cameron stockholders		$	125			$	254			$	501			$	811
Amounts attributable to Cameron stockholders:
Income from continuing operations		$	125			$	258			$	70			$	785
Income (loss) from discontinued operations		—				(4)				431				26
Net income attributable to Cameron stockholders		$	125			$	254			$	501			$	811
Earnings (loss) per common share attributable to Cameron stockholders:
Basic -
Continuing operations		$	0.65			$	1.32			$	0.36			$	3.85
Discontinued operations		—				(.02)				2.25				.13
Basic earnings per share		$	0.65			$	1.30			$	2.61			$	3.98
Diluted -
Continuing operations		$	0.65			$	1.30			$	0.36			$	3.83
Discontinued operations		—				(.02)				2.24				.13
Diluted earnings per share		$	0.65			$	1.28			$	2.60			$	3.96
Shares used in computing earnings per common share:
Basic		192				196				192				204
Diluted		193				198				193				205
 


Cameron Consolidated Condensed Balance Sheets ($ millions)
		December 31, 2015				December 31, 2014
		(unaudited)
ASSETS
Cash and cash equivalents		$	1,775			$	1,513
Short-term investments		584				113
Receivables, net		1,964				2,389
Inventories, net		2,360				2,929
Other current assets		333				391
Assets held for sale		102				217
Total current assets		7,118				7,552
Plant and equipment, net		1,717				1,964
Goodwill		1,764				2,461
Intangibles, net		582				728
Other assets		319				187
Total assets		$	11,500			$	12,892
LIABILITIES AND STOCKHOLDERS' EQUITY
Short-term debt		$	284			$	263
Accounts payable and accrued liabilities		2,793				3,748
Accrued income taxes		127				168
Liabilities held for sale		2				90
Total current liabilities		3,206				4,269
Long-term debt		2,542				2,819
Deferred income taxes		212				193
Other long-term liabilities		150				167
Total liabilities		6,110				7,448
Stockholders' equity:
Common stock, par value $.01 per share, 400,000,000 shares authorized, 263,111,472 shares issued at December 31, 2015 and 2014		3				3
Capital in excess of par value		3,265				3,255
Retained earnings		6,132				5,631
Accumulated other elements of comprehensive income (loss)		(877)				(540)
Less: Treasury stock at cost, 71,931,558 shares at December 31, 2015 and 68,139,027 shares at December 31, 2014		(3,969)				(3,794)
Total Cameron stockholders' equity		4,554				4,555
Noncontrolling interests		836				889
Total equity		5,390				5,444
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	11,500			$	12,892
 


Cameron Unaudited Consolidated Condensed Statements of Cash Flows ($ millions)
		Three months ended December 31,								Twelve months ended December 31,
		2015				2014				2015				2014
Cash flows from operating activities:
Net income		$	149			$	262			$	568			$	848
Adjustments to reconcile net income to net cash provided by operating activities:
Asset impairment and other charges		68				—				654				44
Pre-tax gain on sale of compression businesses		—				—				(681)				(95)
Depreciation		67				78				293				296
Amortization		11				15				49				64
Non-cash stock compensation expense		14				11				49				54
Gain from remeasurement of prior interest in equity method investment		—				—				—				(8)
Deferred income taxes and tax benefit of stock compensation plan transactions		17				(8)				(50)				(48)
Changes in assets and liabilities, net of translation, and non-cash items:
Receivables		145				124				390				166
Inventories		256				139				362				(144)
Accounts payable and accrued liabilities		(43)				274				(913)				(17)
Other assets and liabilities, net		(187)				43				(13)				33
Net cash provided by operating activities		497				938				708				1,193
Cash flows from investing activities:
Proceeds from sales and maturities of short-term investments		249				24				923				65
Purchases of short-term investments		(512)				(22)				(1,394)				(137)
Capital expenditures		(95)				(126)				(285)				(385)
Net proceeds received from sale of compression businesses, net		—				—				831				547
Other dispositions (acquisitions), net		—				—				—				(7)
Proceeds from sales of plant and equipment		3				2				14				13
Net cash provided by (used for) investing activities		(355)				(122)				89				96
Cash flows from financing activities:
Issuance of senior debt		—				—				—				500
Debt issuance costs		—				—				—				(4)
Early retirement of senior notes		—				—				—				(253)
Short-term loan borrowings (repayments), net		(2)				(138)				(222)				(34)
Purchase of treasury stock		—				(191)				(240)				(1,747)
Contributions from (distributions to) noncontrolling interest owners		—				(2)				(3)				(42)
Proceeds from stock option exercises, net of tax payments from stock compensation plan transactions		15				1				20				40
Excess tax benefits from stock compensation plan transactions		1				—				2				6
Principal payments on capital leases		(3)				(5)				(18)				(20)
Net cash used for financing activities		11				(335)				(461)				(1,554)
Effect of translation on cash		(5)				(26)				(74)				(35)
Increase (decrease) in cash and cash equivalents		148				455				262				(300)
Cash and cash equivalents, beginning of year		1,627				1,053				1,513				1,813
Cash and cash equivalents, end of year		$	1,775			$	1,513			$	1,775			$	1,513
 
Cameron Unaudited Supplemental Segment Financial Data ($ millions)
		Three months ended December 31,								Twelve months ended December 31,
		2015				2014				2015				2014
Revenues:
Subsea		$	706			$	872			$	2,753			$	3,067
Surface		458				660				1,957				2,411
Drilling		590				816				2,708				3,049
Valves and Measurement (V&M)		363				528				1,548				2,125
Elimination of intersegment revenues		(38)				(72)				(184)				(271)
Consolidated revenues		$	2,079			$	2,804			$	8,782			$	10,381
Segment operating income before interest and income taxes:
Subsea		$	163			$	88			$	407			$	207
Surface		54				123				264				427
Drilling		128				151				528				474
V&M		30				81				177				393
Elimination of intersegment earnings		(4)				(21)				(36)				(74)
Segment operating income before interest and income taxes		371				422				1,340				1,427
Corporate items:
Corporate expenses		(34)				(35)				(108)				(145)
Interest, net		(33)				(31)				(138)				(129)
Other costs, net		(115)				(11)				(773)				(73)
Consolidated income from continuing operations before income taxes		$	189			$	345			$	321			$	1,080
Orders:
Subsea		$	656			$	518			$	2,228			$	2,356
Surface		396				560				1,770				2,480
Drilling		169				419				1,107				2,449
V&M		315				509				1,418				2,091
Consolidated orders		$	1,536			$	2,006			$	6,523			$	9,376
 


		December 31,				December 31,
Backlog (at end of period):		2015				2014
Subsea		$	3,421			$	4,263
Surface		884				1,025
Drilling		1,611				3,327
V&M		701				921
Consolidated backlog		$	6,617			$	9,536
 
Cameron Reconciliation of GAAP to Non-GAAP Financial Information ($ millions, except per share amounts)
		Three Months Ended December 31, 2015
		After Tax				Diluted EPS(1)
Net income attributable to Cameron from continuing operations		$	125			$	0.65
Adjustments:
Asset charges & loss on disposal of assets		50
Facility closures & severance		32
All other		1
Net income attributable to Cameron, excluding charges		$	208			$	1.08
(1) Based on 193 million diluted shares
 
		Three Months Ended December 31, 2014
		After Tax				Diluted EPS(1)
Net income attributable to Cameron from continuing operations		$	258			$	1.30
Adjustments:
Asset charges & loss on disposal of assets		1
Facilities closures and severance		3
All other		4
Net income attributable to Cameron, excluding charges		$	266			$	1.34
(1) Based on 198 million diluted shares
 
Cameron Reconciliation of GAAP to Non-GAAP Financial Information ($ millions, except per share amounts)
		Twelve months ended December 31, 2015
		After Tax				Diluted EPS(1)
Net income attributable to Cameron from continuing operations		$	70			$	0.36
Adjustments:
Asset charges and loss on disposal of assets		616
Facility closures and severance		63
All other		23
Net income attributable to Cameron, excluding charges		$	772			$	4.00
(1) Based on 193 million diluted shares
 
		Twelve months ended December 31, 2014
		After Tax				Diluted EPS(1)
Net income attributable to Cameron from continuing operations		$	785			$	3.83
Adjustments:
Asset charges and loss on disposal of assets		52
Facility closures, severance, and restructuring		10
All other		2
Net income attributable to Cameron, excluding charges		$	849			$	4.14
(1) Based on 205 million diluted shares
 
SOURCE Cameron

Article Date
1/28/2016
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